Towergate Partnership raises £100m through sales of shares

Towergate Partnership has raised £100m through the sale of preferred ordinary shares to an investment group led by affiliated investment funds of Och-Ziff Capital Management Group. The sale follows the acquisition by Och-Ziff and Reservoir Capital Group of £100m of preference shares in November 2006. The preferred ordinary share sale triggers a payout of £100m to Towergate management shareholders and staff.

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